Hill & Smith first-half profits, revenue rise
By Michele Maatouk
Date: Wednesday 03 Aug 2022
(Sharecast News) - Hill & Smith reported a jump in first-half profit and revenue on Wednesday as it took pricing actions to recover input cost inflation.
In the six months to 30 June, pre-tax profit rose 17% to £40.2m on revenue of £349.9m, up 12% on the same period a year earlier. The interim dividend was lifted 8% to 13p a share.
"The performance highlights the resilience of our chosen long-term end markets and the benefits of our agile, decentralised operating model, with growth driven by both pricing actions and robust activity levels in our core infrastructure markets," the company said.
"Trading in the second quarter was particularly strong and provides good momentum as we move into the second half."
Hill & Smith said its Galvanizing Services division was the standout performer, with strong organic revenue and profit growth, reflecting successful actions taken to offset input cost inflation and a strategic focus on higher margin customers.
Executive chair Alan Giddins said: "The group has had a good first half. We have also continued to make progress on exiting some of our lower growth portfolio businesses. Looking forward, our aim is to accelerate progress and growth.
"While we are mindful of current macroeconomic uncertainty, the group is exposed to strong structural growth markets and, with a proven track record of resilience, is well positioned to deliver against our strategic goals."
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